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26346840
26346841

9309 N Florida Ave, Tampa, FL 33612

BE
BK3281771
RMC Property Group
Listed by RMC Property Group
$16,890,000
300 days on market
Updated 56 days ago

Floriland Office Center

Details
Property Type Hospitality, Office (+1)
Sub Type Creative Office, Medical Office (+1)
Square Footage 161,060
Units 13
Cap Rate 9.50%
Occupancy 98%
Broker Co-Op Yes
Class B
Year Built 1972
Year Renovated 2006
Buildings 1
Stories 1
Acreage 11.410

Floriland Medical/Retail/Office Center | Tampa, FL | 9.50% CAP

Marketing description

RMC is pleased to offer for sale the Floriland Office Center, a 161,060 square-foot property located in Tampa, FL. Floriland is centrally located at the NEC of E Busch Blvd and N Florida Ave and adjacent to I-275, offering easy access to downtown Tampa, Tampa International Airport, and University of South Florida (USF). This offering provides investors with an attractive value-add opportunity as a result of several units that are subject to a lease termination right held by the current anchor tenant named Ultimate Medical Academy (UMA). UMA currently leases six (6) units encompassing 117,988 sf. UMA holds a termination right in its lease that needs to be exercised by 8/31/2025. UMA is anticipated to exercise its termination rights on five (5) of its existing units totaling 92,425 sf. UMA will continue to operate unit #100 (25,563sf) and per the terms of the lease, UMA will continue to pay rent until 8/31/2026 on any space that it exercises its termination rights on. This structure offers a prospective buyer a one-year rental income stream while releasing the units subject to UMA’s termination right. The units that UMA plans to vacate are in excellent condition and lease ready.

Investment highlights

  • 161,060 square-foot property located in Tampa, FL

  • Floriland is centrally located at the NEC of E Busch Blvd and N Florida Ave and adjacent to I-275

  • Offering easy access to downtown Tampa, Tampa International Airport, and University of South Florida (USF)

  • Approximately 11.41 acres of land fronting E Busch Blvd and N Florida Ave in Tampa

  • The property is conveniently located in a dense and affluent sub market that contains a population of more than 357,708 and a household income of over $85,068 within a 5-mile radius.

  • The Center features two multi tenant pylon signs along I-275

Listing Contacts

BE
BK3281771
RMC Property Group
Listed by RMC Property Group

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